To co-evolve with changes in the complex and competitive environment, firms are forced to redesign their business models and to adopt new innovation approaches. While most leading product-dominant enterprises have paid significant attention on creating value from both the economic and technological viewpoints, the semantic perspective is still less emphasized which then leads to challenges in retaining customer values. To explore the empirical challenges and conceptual dilemmas, this study identifies key sources of customer value creation and clarifies the corresponding innovation strategies for product-dominant firms. A survey was conducted to compare commonalities and unique characteristics, as well as perceived customer value generation patterns based on four products in Asian contexts. This study yields several findings. First, a revised framework of value dimensions for customers composed of eight factors and 51 elements is proposed. Second, composition of the perceived customer values of the selected four products are analyzed and compared. Finally, practical guidelines for product-based firms to articulate efficient innovation strategies through customer value creation are discussed.